Crude Oil Price Forecast for Today, Tomorrow, Next Week, and 30-Day Forecast
Clear oil prices forecast with key levels, market drivers and outlook for today, the week ahead and the next 30 days to guide trading decisions.
This WTI oil technical analysis covers the main factors driving oil prices: OPEC+ decisions, US inventory data, geopolitical risks, and global demand. See why Crude oil remains a highly liquid instrument for trading in the market, and follow the latest oil price forecast for crude oil.
Key Takeaways
Intraday trading: look for short entries on rebounds toward the $98.00–99.00 zone, with stops above recent highs; the confirmed downtrend favors selling rallies rather than buying dips.
Weekly outlook: sellers remain in control as long as price stays below $99.00; a break below the $94.00–95.00 pivot would open the path to deeper declines.
Over the next 30 days the primary driver remains the Iran–Qatar talks and actual export volumes through the Strait of Hormuz; physical supply recovery is required to sustain lower prices.
Near-term WTI price target sits in the mid-$90s if the corrective bounce fails, while any sustained move above $99.00 would delay the bearish scenario.
Latest WTI Crude Oil Technical Analysis for Today
H1: Price dipped close to $94.00 and is now in a corrective phase. The most likely target for this bounce is the $99.00 area, from which selling pressure may resume.
RSI: 48,96
MACD: Bullish
MA: $96,42
H4: Price reached a significant pivot around $94.00–95.00 that proved difficult to break on the first attempt. The broader downtrend is confirmed, so — absent major fundamental shocks from the Middle East —renewed declines from the $98.00–99.00 zone remain the base case.
RSI: 40,01
MACD: Bullish
MA: $97,28
Oil Trading Plan for Today
- Supports: $94.00–95.00
- Resistances: $98.00–99.00
- Base scenario: a corrective pullback into the $98.00–99.00 region followed by a fresh decline toward $94.00.
- Alternative scenario: continued selling from current levels without a meaningful rebound.
Oil Live Price Today
WTI came under heavy pressure on 2 November after reports of a third consecutive day of Iran–Qatar talks aimed at ending hostilities. Brent settled near $110.03, down roughly 6.5 % from the $117.64 close on 30 October, as the market reduced the geopolitical risk premium.
UAE comments at ADIPEC about exports occasionally exceeding pre-war levels added to the supply narrative, although concrete daily figures remain unpublished.
WTI live price action reflects this shift, now trading in a corrective rebound after testing the low-$90s.
On the daily chart the longer-term bullish structure is still intact and a test of the trend line near $94.00 does not yet threaten it. Traders should nevertheless watch the next wave of selling that is already visible on the lower timeframes.
Oil Price Forecast for Tomorrow
Tomorrow price is expected to remain under seller pressure. A bounce toward $98.00–99.00 is possible, but the dominant scenario is a resumption of the decline once that zone is tested.
Will oil go up tomorrow? A modest rebound cannot be ruled out, yet the primary working assumption is that the downtrend remains intact.
Oil Price Forecast for This Week
Key data releases this week include:
- EIA inventories on 4 November
- U.S. Nonfarm Payrolls report on 6 November.
Strong employment figures could reinforce expectations of tighter Fed policy and support the dollar, while inventory numbers will speak more directly to physical balances.
Ongoing Iran-Qatar talks remain a potential source of volatility; progress toward an agreement would ease the geopolitical risk premium, whereas any escalation near the Strait of Hormuz would do the opposite.
| Date |
November 2 – November 6, 2026 |
| Minimum | $94,26 |
| Average |
$97,40 |
| Maximum |
$101,85 |
Oil Price Forecast for the Next 30 Days
- 10 November — EIA STEO. Revised production, demand and price projections
- 11 November — OPEC Monthly Report. Global demand, supply and output assessment
- 12 November — EIA inventories. U.S. supply-demand balance
- 13 November — IEA report. Global oil balance, refining and stocks
- 18 & 25 November — EIA inventories. Ongoing U.S. market dynamics
- 29 November— OPEC+ meeting. Production guidance decisions for 2027
Direction over the coming month will be driven primarily by developments around Iran and the Strait of Hormuz, followed by actual supply volumes and inventory trends.
The 1 November OPEC+ decision is already priced in; the next major cartel-related risk is the 29 November gathering.
The WTI price outlook next month therefore hinges more on geopolitics and physical balances than on the already-known production stance.
Oil Price Analysis and Forecasting Methodology
Our oil forecast methodology combines fundamental analysis of supply-demand balances, OPEC decisions, inventories and geopolitical risks with technical analysis of price charts, trends and key levels. We also factor in market sentiment from positioning data and news flow. This multi-layered approach to calculating oil price forecasts delivers balanced, data-driven projections you can rely on.
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Summary
WTI remains in a confirmed short-term downtrend after the sharp drop on 2 November. Corrective rebounds toward $98–99 are expected to meet fresh selling unless Middle East export data or inventory surprises reverse the narrative. The next 30 days will be dominated by physical supply evidence rather than headlines alone.
The trade levels, signals and forecasts in this article are calculated automatically from technical indicators and price history. They are not investment advice or a recommendation to buy or sell any financial instrument. Past performance and forecasts do not guarantee future results. Risk Warning: CFDs are complex financial products traded on margin. Trading CFDs is risky and may not be suitable for all investors. Ensure you understand the risks involved as you may lose all your invested capital.
Crude Oil Price Forecast FAQs
What is the current price of Crude Oil now?
November 3, 2026
$97.04
When Will Oil Prices Drop?
Oil prices are already under pressure after the break below $100. A further drop toward $96 looks likely if $99 support fails. A deeper move could develop once inventory data and geopolitical headlines confirm weaker near-term demand.
Will Oil Rise or Fall Next Week?
The base case remains mildly bearish next week. EIA inventories and Nonfarm Payrolls will set the tone, while any escalation near the Strait of Hormuz could trigger a short-covering bounce. Overall bias stays lower unless $99 holds firmly.
How Do We Do Oil Technical Analysis?
We combine chart patterns, support/resistance, moving averages, RSI and MACD with fundamental factors like supply data, inventories and geopolitics. This integrated approach strengthens trend signals and improves forecast accuracy in our oil reviews.
How to Trade Oil Technical Analysis?
Follow the ready technical setups and levels provided in our daily oil reviews. We already combine indicators with fundamental context, so you receive clear entry zones, targets and risk parameters without extra work.
Khaled Kamal is a Market Analyst & Business Development Manager at Investizo with several years of experience in the financial services industry. His areas of focus include forex markets, trading strategies, risk management, copy trading and the practical aspects of financial markets.
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